Talking about money can easily be a problem in almost any relationship. Still, it is a constant conversation you need to have with your significant other to a certain degree. While you don’t need to keep track of each and every cent your partner spends, you can benefit greatly from talking about specific financial matters early. Once you make the decision to get married, these conversations become even more important to your future. The best way to handle these talks is by knowing what discussions are important to have early and which you can wait on.
Explore some of these suggestions on money talks you and your significant other should have after the wedding is over. While planning for the wedding itself may have tipped you off to certain financial habits your partner has, there are lots of other things you need to learn.
The Past
To get started, think about the past. Specifically, you want to know what your partner’s previous spending habits were like. Does he or she have a savings account or is all the spare cash hidden away in a coffee can somewhere? You and your partner are probably going to want to start a joint savings account at some point. This means you need to be on the same page in regards to how to store your money and the best practices to use to make your account grow in the near future.
When your partner has certain habits and you have conflicting habits, you need to talk out a plan to make it work for both of you. Luckily, most habits surrounding money are easy to change with enough practice. All you need to do is have an open discussion on what you both would like to see come of your savings and how you think you can make that plan work together in the coming years.
The Splurges
Spending money is something of an art form. When you have a limited budget, you need to make sure you have all of your bills, necessities, and financial responsibilities covered before you can start using money on the things you want. Still, most people like to make splurge purchases every so often. Whether it’s the dress you saw at the mall or a fancy cheese from a local vendor, spending a little more than you should can be a cathartic and enjoyable experience in moderation. The danger, of course, is marrying someone who can’t moderate spending.
Some people are terrible with money. If your partner is someone who throws money away that he or she doesn’t even have in the first place, then you need to know this fact early. A lot of people are good at pretending they’re good with money, so don’t be surprised to learn your new spouse has been hiding personal debt and other financial struggles from you. To control these habits and keep spending in-check, talk to your partner openly and without judgment to formulate a plan moving forward.
Future Goals
Finally, you’re going to want to have some degree of discussion about what you’d like to put money toward for your future together. This can mean a retirement plan, life insurance, a college fund for children, a second home, or anything else you’d like. Setting these goals after starting married life together can help to establish smart saving patterns and get you on the right track for success.
There are plenty of reasons you and your partner need to discuss your finances early in your marriage. Money plays a big part in the way most people live and everyone has his or her own ways of dealing with money. The sooner you get to talking about saving for the future, the earlier you can reap the benefits of smart financial planning.
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